Archive for the 'Condos' Category

Bad Strata Investments Hurt Condo Owners

Monday, November 24th, 2008

There was news recently of two BC Condo complexes that got themselves into some hot water. The problem? They put their contingency fund reserves in risky investments lured by the potential of high returns. Unfortunately, these investments didn’t turn out as planned and now they’ve lost the owners money…to the tune of $100,000 in one case.

BC law prescribes (Strata Property Act Regulations, Section 6.11) what type of investments your strata can make with your contingency reserve fund. These investments (government bonds, GICs, bank account) are typically low risk and low return , but the point is that the money is there when you need it.

If you own a Vancouver Condo, do you know where your contingency reserve fund is invested? You have a right to know. If your Vancouver Condo money is being invested in the wrong type of financial vehicles, you should talk to a lawyer immediately.

What are your options? The lawyer may be able to recoup some losses for you through insurance. Otherwise, you really only have two options. One is to sue your Strata Council, and the other is to absorb the loss. Neither option is a winning one.

You can read the full article here.

More Information on Vancouver Real Estate

Should you want to learn more about the Vancouver real estate market generally you can check out this page.

You can also review all of the statistics for Vancouver East and Vancouver West broken down for you here:

Enjoy Vancouver real estate statistics? You can find all of the latest stats by area right here:

If you are thinking of buying or selling, or just have questions, contact me here or send me a quick email.

Copyright © 2008 by  Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”Bad Strata Investments Hurt Condo Owners”

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City Planners Add Office Space - Supply of Downtown Condos Limited

Saturday, June 21st, 2008

It appears as though the city of Vancouver is a victim of it’s own success. In the late 80s, the city began promoting a policy of “Living First” to encourage people to move downtown. In that time, we’ve gone from a Downtown population of 40,000 to more than 90,000 with the incredible growth and popularity of Downtown condominiums. 

We are in danger, however, of our Downtown core losing it’s viability as a workplace. The business community has been raising the issue to City Hall for years, and we are currently at an all-time low for office vacancy in the Downtown core. 

With building spaces at a premium, and demand for condominiums at a high, developers looked at converting office space to residential. The city placed a moratorium on these conversions four years ago. However, with an estimated 6 million sq ft of office space required for the City, they feel that more needs to be done. 

The solution? Within an expanded new commercial district, planners are proposing that new office tower development be granted 20% – 40% more density. They also plan to encourage developers to build as high as possible without blocking the designated view corridors. 

The City is designating a new area termed the “metro core” (everything north of 16th Ave from Clark to Arbutus). The City plans to encourage the development of office space in this region, although exactly how is not clear. 

What’s the effect on residential real estate in the Downtown core? There is already a demand for more office space downtown. These changes will result in more of that space being built and thus more jobs based Downtown.

With rising fuel prices, increasing environmental consciousness, as well as the attractive lifestyle of downtown living, many of these workers will want to live within walking or biking distance of their work and thus put greater demand on the limited supply of Downtown residential condos.

 Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside

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December 2007 Statistics

Wednesday, January 16th, 2008

According the Real Estate Board of Greater Vancouver, 2007 was the second busiest year ever (as measured by Vancouver housing sales). There were a total of 38,050 sales in Vancouver from January 1st, 2007 through to December 31st, 2007. That’s a 7.2% increase over 2006.

“The continued strength of the real estate market is a reflection of the economic vitality seen throughout the province. With overall wages on the rise and unemployment in decline, buyers and sellers are left with a healthy and strong climate in which to operate,” says REBGV president Brian Naphtali.

 Apartment sales were up in 2007 by 9.1% over 2006. For December 2007, Apartment sales were up a whopping 21.6% over the same period a year ago. The benchmark price of condominiums rose by 14.4% from December 2006 to $377,579.

Sebastian Albrecht, Vancouver Realtor with Royal LePage

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NY Times Feature Highlights Vancouver

Tuesday, January 15th, 2008

The NY Times has written an interesting article on Vancouver. It’s from the Travel section and highlights the changing face of the city in the building boom prior to the 2010 Olympics:

http://travel.nytimes.com/2008/01/13/travel/13headsup.html?ex=1358053200&en=a9fcb9d578697f46&ei=5088&partner=rssnyt&emc=rss

Sebastian Albrecht, Vancouver Realtor with Royal LePage

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King Edward Village Niche Website Announced

Wednesday, January 9th, 2008

Media Release

(Vancouver, BC. January 9th, 2008): A new method of real estate marketing is beginning to take root, enabling realtors, their clients, as well as the public to take full advantage of the internet. Traditionally, marketing methods have involved “push” techniques such as mail-outs and cold-calling but the shift is toward the “pull” of neighborhood or building specific websites.

Sebastian Albrecht of Royal LePage Westside currently markets his business on three separate websites, including two that are specific to a building or development in Vancouver, BC. His latest website, www.KingEdwardVillage.ca already features assignments and listings in Tri-Power Developments King Edward Village development located at 1402 Kingsway and 4078 Knight St.

Further expansion of this website is planned to include rental listings as well floorplans.

View each of Sebastian Albrecht’s niche websites: www.SebastianAlbrecht.com, www.KingEdwardVillage.ca, www.TheQubeCondos.com.

Media Contact:

Sebastian Albrecht
(604)831-4837
salbrecht(at)royallepage.ca

Sebastian Albrecht, Vancouver Realtor with Royal LePage

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Smart - Concord Pacific Development in Gastown

Tuesday, October 30th, 2007
Busby staff knew Smart buy when they designed one
Chantal Eustace

Vancouver Sun

Peter Busby knows good design — and, he hopes, a good deal. When Smart, which he designed, went on sale last weekend, he was among nine members of his architectural practice who bought an apartment there.

“This has never happened in 23 years of running this business — we’ve never had buy-ins like that,” he says of the contribution of buyers from Busby, Perkins and Will to the sale, in less than five hours, of all the Smart apartments.

Design, location and “four-years-ago” prices all contributed to the spirited acceptance by the market, David Negrin of Concord Pacific says.

“Your access-ways are on the exterior which leaves more space inside which creates a bigger unit,” he says. “Also, [there are] lots of courtyards because people who live downtown want to feel like they can just walk outside and use the courtyards so they’re not contained in their suites.”

The mixed neighbourhood has everything close at hand from shops to restaurants to galleries, Negrin says.

“It’s downtown living and that’s sustainable living. You can walk everywhere. You don’t need your car,” says Negrin.

The prices were a function of when Concord Pacific purchased the empty lot at the eastern edge of Gastown about six years ago.

“You’re getting prices that were really about four years ago in the market,” Negrin says.

Because “livability” was a driving force behind Smart, Negrin says, all involved tried to make most of the residences larger than 600 sq. ft.

Busby said a completely new approach was needed for the design. After all, the location, lower price point and the assumed buyers were completely different.

“There is no view. There is no park. There is no water. So we said ‘well what can we create that’s nice to look at?’ So the building has circulation on the outside and the spaces look inside,” Busby says of the south-facing homes built around the courtyard where gardens and shrubs will be planted.

“Streets are noisy. There’s lots of nightlife so by turning the building inside, to be introspective, we control all that … There’s a bunch of new ideas.”

The buyers

Concord thought might be interested in Smart don’t mind if conventions are broken, Busby says.”The [buyers are] the urban brave — the people who are not afraid to live downtown,” Busby says. “They’re edgy kinds of people. So we didn’t want to give them conventional planning.”

A “flow-through” plan allows light and air to travel from the exterior entranceways to the windows facing the central courtyard. Inside, clouded glass door panels slide, meaning the living space is flexible too.

“We wanted a big open plan. Even your bedroom, you have big sliding doors. So when it’s open, it makes the space seem higher and wider and that’s important,” Negrin says.

Space makes a big difference in the lives of the homeowners, he says: “You don’t feel crammed in little rooms.”

Inside, discerning home owners will find modern interiors with bamboo-patterned laminate flooring throughout.

In the kitchens, white cabinets and an “earth-wash” laminate countertop keep things simple and clean-looking, says Negrin. This can be upgraded to Avonite and under-cabinet lights can be added.

In the bathroom, things are distinctly turned out with a custom vanity with a “rattan” pattern. An over-basin, vessel sink and ceramic wall tile reflect light. All suites come with a soaker tub and shower combination.

Negrin says people who buy downtown care about style.

“There are two types of purchasers that buy here. One are here to settle here. The others are here for their first investment. When their family grows bigger, they’ll move,” says Negrin. “You want something that you’ll be able to get your value from.”

While he’s pleased with the design of the building and the reaction he’s got from buyers, the project cost a lot more to build than Concorde Pacific expected.

“We learned that a smaller building is more expensive to build,” says Negrin. “It’s an expensive building. When you build less square-footage your building costs go up.”

He says they also learned about the merits of using exterior space to their advantage and about building in the city’s heritage neighbourhood.

Gastown, also known as the “birthplace of

Vancouver” is named after “Gassy Jack” Deighton, a saloon keeper who was good at spinning a yarn. The area’s come a long way since the late 1860s. With its cobbled streets, the area has always lured tourists and trendy shops and galleries. Now it is one of the last frontiers for downtown housing opportunities.Down the street from Smart, Bryan Adam’s Warehouse Studio — the oldest brick building in

Vancouver — stands as a musical landmark, where musicians like Elton John and Sarah McLachlan have created albums. Further down

Powell Street

is Richard Kidd, the glass cave of hipster style. Across the street from Smart, Four Sisters co-operative provides affordable housing.

Building in Gastown involves challenges though, says Negrin.

“There’s a heritage committee and you have to meet the heritage committee guidelines,” says Negrin.

“They want the building to look like the older buildings but have a modern image to it.”

On the city’s online documents, the heritage committee commented favourably on Smart’s use of new building materials and the red-painted concrete facade. The city’s design panel agreed this was a “good-looking building” but stressed the need for light to the courtyard in the design and expressed concern over the street-level’s retail frontage before approving the plans.

“The key to this site was getting light to the interior courtyards,” says Negrin. “These are see-through units, which was really important.”

Cornices had to run horizontally and vertically to fit in with the area. Negrin says: “In Gastown you get a very vertical and horizontal web.”

From an architectural perspective, the project was exciting to work on because of the location and the heritage requirements, says Busby.

“This is totally different. It’s a bit of an experiment for

Concord I think,” says Busby. “When they came along with this project, we got very excited about it. We see it as a prototype for future buildings. Mid-rise buildings are the future of the city. We’re built out downtown.”They had to work with the scale of the street and the look of the area, while keeping in mind what new homebuyers are looking for.

“We put a lot of brain power into it and came up with a very interesting solutions,” says Busby, describing how floor-to-ceiling windows open thanks to Juliet balconies. The process was “productive” and fun, Busby says.

And while Smart stands out from the old facade of its neighbours, Negrin says, modern, high-quality material like concrete and stone will help the new building grow old gracefully: “When you compare it to other architecture in Gastown — it’s a modern, historical design.”

Now that’s smart.

Sebastian Albrecht, Vancouver Realtor with Royal LePage

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Reason #344 To Get An Inspection

Wednesday, August 1st, 2007

Have you heard about the couple in Vancouver’s West End that moved into their new condo and discovered that it was already occupied? That’s right. It was a newly renovated $509,000 condominium that wasn’t as perfect as they’d hoped.

Unfortunately, the young couples new home is infested with bats…at least 80 of them. The majority of the bats are living in the walls keeping the owners up all hours of the night. However, one bat was discovered taking a nap on their bed. Worst of all, because of the BC Wildlife Act the bats cannot be forcibly removed.

The provincial government did give them an exemption to this law, but the couple has chosen to wait out the bats. Apparently, once the young bats can fly they will likely move out and find a new home.

 Why am I telling you about this? Well, the couple apparently chose to purchase their new home without a property inspection prior to removing subjects. No matter how heated the real estate market becomes, this is one subject that you need to think VERY carefully about not including in any offer you make.

I have to say, this is one result that I couldn’t possibly have imagined on my own…but hopefully we all learn our lesson from this.

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How To Find a Healthy Condo

Wednesday, July 18th, 2007

These days, we have far more options when searching for a new home than previous house-hunters. In fact, one of the best ways that today’s house-hunter can be certain of finding a healthy, green home is by looking for the Leadership in Energy and Environmental Design (LEED) certification. Homes built with this certification are built to exacting standards of design, construction and materials.

If you can’t find a LEED certified home within your budget, another option might be to look at older buildings. Yes, that’s right. There are numerous benefits to purchasing an older home. First of all, you reduce the ecological footprint required to produce your housing. Consider it housing recycling. The buildings can offer many other benefits such as:

  • central location (think lower transportation requirements)
  • the beauty of aging and weathering materials (inlaid hardwood flooring, glass door knobs, wood fireplace, etc)
  • charming architectural features (coved ceilings, arched doorways, etc)
  • low-dust heating systems (such as radiant heating)
  • lower price point than new construction.

 When looking for a new home, these tips can help you to find the right healthy and green condo:

  • Specify key areas that you are interested in residing in.
    • Spend time getting to know the city and find the communities that you like the most. Get a feel for the restaurants, cafe’s, groceries and other amenities in the community. The less you have to (or want to) travel outside of your new community the better. There’s less stress for you commuting, and less stress on the environment too.
  • Communicate your priorities to your Realtor.
    • A Realtor is there to help you find your perfect home. Explain to your Realtor that you are searching for a home with as many green features as possible.
  • Use your eyes
    • To minimize heating and lighting costs, consider the impact of the properties exposure to light. The best exposure is to the south, followed by east. Selecting either of these exposures will mean you get the benefit of more sun in the winter months and less overheating in the summer. Also, look for:
      • big windows
      • outdoor space with balcony or patio
      • sliding glass doors
      • space between neighboring buildings (giving you privacy and access to light)
      • views to a varied skyline with water, trees and mountains
  • Follow your nose
    • You’ll find you can get a lot of information about the health of a home from your olfactory senses. In the long run, you’ll find the most positive impacts from a home that has no odours, or just the smell of natural, seasoned materials. Take a moment to close the windows, turn off the fans and then see what happens.
    • Watch for the smell of chemicals (emitted by paints, particle board, glues, etc) as well as musty odours.

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Vancouver’s $18M Condo

Thursday, June 28th, 2007

Vancouver’s most expensive condominium unit hit the market this week with an $18.2-million price tag. The penthouse apartment at 1000 Beach Ave was sold for less than $3 million just three years ago. To be fair, Vancouver businessman Randy Bishop has spent several million dollars completing the property that was an empty shell when he bought it in 2004 for an estimated $7-million.

Personally, I wonder if Vancouver is ready for such a pricey piece of property. Currently, there are about 200 condo units for sale over $1M, but this is reaching new heights in dollar value.

That being said, this price equates to $2000/sq ft. Interestingly, this is a price point which we’ve seen before in this city.  The difference is that we just haven’t seen a unit of this size (7,600 sq ft) come to market recently.  

 Of course, as was recently reported, Vancouver is now the 4th most expensive downtown core in the world (well ahead of such cities as Hong Kong, Tokyo and New York). Being an international market, this property will likely be marketed most heavily outside of the city. In fact, there is reportedly already significant interest from buyers.

Situated downtown at the northeast corner of the Burrard Bridge, right on the Seawall, the property has never been lived in - former owners reportedly include Axl Rose, front man for rock group Guns N’ Roses, and the Russian Rocket himself, Canucks star Pavel Bure.

The 26th-floor, two-level luxury unit includes a private elevator, an additional guest/nanny suite on a separate floor, a private four-car garage and two extra parking stalls, a boat slip at a marina, and floor-to-ceiling windows that offer 360-degree city views. 

Other features in the 7,600 square feet unit include solid marble stairs, walnut walls, hand-carved doors, and a kitchen with Miele-brand appliances. 

The building is 14 years old, but the condo unit is virtually brand new as a two-year renovation finished just last week. Building residents voted to allow the owner to increase the living space of the unit knowing that it would draw international attention to their building.

They were right.

Sources: The Globe and Mail, The Vancouver Sun

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